Prepare a schedule translating the trial balance from British pounds into U.S. Dollars. Prepare a worksheet assuming the dollar is the functional currency and the pound is the only the recording currency.

2) On January 1, 2001. Pace Company acquired all ofthe outstanding stock ofspin PLC, a British Company. On that date, the book and fair values of the Spin's identifiable assets and liabilities approximated their fair values. in's trial balance on December 31 2008, in pounds, follows: Debits Credits Accounts Receivable (net) Property. Plant and Equipment Accumulated Depreciation A120,000 Accounts Payable 100,000 Retained Earnings Cost of Goods Sold Operating Expenses Dividends Paid E990,000 Additional Information December 31, 2013, and ending inventory 1. Spin uses the FIFo method for its inventory. The beginning inventory was acquired on was acquired on December 26, 2014. Purchases off300,000 were made evenly throughout 2014. You will need to calculate beginning inventory in pounds. 2. Spin acquired all of its property, plant, and equipment on March 1, 2010, and uses straight-line depreciation. 3. Spin's sales were made evenly throughout 2014, and its operating expenses were incurred evenly throughout 2008. 4. The dividends were declared and paid on November 1, 2014. 5. in as of January 2014 is ss125,000. 6. Exchange rates were as follows: Dollars Pounds S1.20 March 1, 2010 December 31. 2013 November 1, 2014 1.26 1.3 December 26, 2014 December 31, 2014 .33 30 Average for the year